-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Hh35D8oP/aDKTByYCIJGxz3Pnl7282088tRLy3PPirNRGsFUSkqG/Fj1VZPnD3yV LPLkvyVHAHGjCsfsEqJlmg== 0000318300-06-000078.txt : 20060419 0000318300-06-000078.hdr.sgml : 20060419 20060419095606 ACCESSION NUMBER: 0000318300-06-000078 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20060419 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20060419 DATE AS OF CHANGE: 20060419 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PEOPLES BANCORP INC CENTRAL INDEX KEY: 0000318300 STANDARD INDUSTRIAL CLASSIFICATION: NATIONAL COMMERCIAL BANKS [6021] IRS NUMBER: 310987416 STATE OF INCORPORATION: OH FISCAL YEAR END: 1206 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-16772 FILM NUMBER: 06766087 BUSINESS ADDRESS: STREET 1: 138 PUTNAM ST STREET 2: P O BOX 738 CITY: MARIETTA STATE: OH ZIP: 45750-0738 BUSINESS PHONE: 7403733155 8-K 1 form8k1qearnings06.txt FORM 8K PEBO 1Q2006 EARNINGS RELEASE UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): April 19, 2006 -------------- PEOPLES BANCORP INC. ----------------------------------------------------------------- (Exact name of Registrant as specified in its charter) Ohio 0-16772 31-0987416 - ---------------------------- ------------------- ----------------------- (State or other jurisdiction (Commission File (I.R.S. Employer of incorporation) Number) Identification Number) 138 Putnam Street, PO Box 738 Marietta, Ohio 45750-0738 - --------------------------------------------------- ----------------------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (740) 373-3155 --------------------- Not applicable ----------------------------------------------------------------------------- (Former name or former address, if changed since last report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Index to Exhibits on Page 3 Section 2 - Financial Information Item 2.02 Results of Operation and Financial Condition. On April 19, 2006 Peoples Bancorp Inc. issued a news release regarding its financial results for the first quarter of 2006. A copy of the news release is attached as Exhibit 99 to this Current Report on Form 8-K. Section 9 - Financial Statements and Exhibits Item 9.01 Financial Statements and Exhibits a) Financial statements of businesses acquired No response required. b) Pro forma financial information No response required. c) Exhibits Exhibit Number Description - -------------- ------------------------------------------------------------- 99 News Release issued by Peoples Bancorp Inc. on April 19, 2006 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. PEOPLES BANCORP INC. Date: April 19, 2006 By:/s/ MARK F. BRADLEY ------------------------------------- Mark F. Bradley President and Chief Executive Officer INDEX TO EXHIBITS Exhibit Number Description - -------------- ------------------------------------------------------------- 99 News Release issued by Peoples Bancorp Inc. on April 19, 2006 EX-99 2 exhibit99.txt EARNINGS RELEASE EXHIBIT 99 PEOPLES BANCORP INC. - P.O. BOX 738 - MARIETTA, OHIO - 45750 www.peoplesbancorp.com NEWS RELEASE FOR IMMEDIATE RELEASE Contact: John W. Conlon - --------------------- Chief Financial Officer April 19, 2006 (740) 373-3155 PEOPLES BANCORP INC. REPORTS 27% INCREASE IN FIRST QUARTER EARNINGS PER SHARE --------------------------------------------------------------------- MARIETTA, Ohio - Peoples Bancorp Inc. ("Peoples") (NASDAQ: PEBO) announced today earnings per diluted share of $0.56 for the first quarter of 2006, up 27% over $0.44 a year ago. Net income was $5,931,000 for the quarter ended March 31, 2006, a 26% increase compared to $4,692,000 earned in 2005's first quarter. Return on average equity improved to 13.02% for the first quarter of 2006, from 10.85% a year ago, and return on average assets was 1.30% compared to 1.05% for the same periods, respectively. "We are very pleased with our strong start to 2006 as reflected in improved first quarter results," commented Mark F. Bradley, President and CEO. "Key drivers of our earnings growth were higher net interest income levels, increased insurance and investment revenues and a lower provision for loan losses. In addition, we experienced modest loan growth, despite some expected loan payoffs." Net interest income improved 6% to $13,503,000 in the first quarter of 2006, from $12,712,000 a year ago, as average earning assets and related interest income increased more than average interest-bearing liabilities and related funding costs. In the first quarter of 2006, average earning assets were up $38 million from the same period a year ago, as a direct result of increased average loan balances, while average interest-bearing liabilities grew $21 million. Net interest margin was 3.40% for the quarter ended March 31, 2006, compared to 3.39% for the fourth quarter of 2005 and 3.27% for the first quarter of 2005. "First quarter net interest income and margin exceeded expectations," said Jack Conlon, Chief Financial Officer. "The Federal Reserve's efforts to increase the general level of market interest rates have resulted in improvements in asset yields that exceeded the increase in funding costs when compared to the same quarter of 2005. However, we expect the repricing of maturing interest-bearing liabilities, the current flat yield curve, and competitive loan and deposit pricing to pressure our net interest margin for the remainder of 2006." The provision for loan losses was $268,000 for the first quarter of 2006, down sharply from $941,000 in the first quarter of 2005. The provision is based on management's in depth quarterly analysis of the loan portfolio and historical loss experience and is directionally consistent with Peoples' loan quality and improving loss experience. The first quarter of 2005 included a specific provision of $500,000 for a group of loans that management determined to be impaired. First quarter 2006 net charge-offs decreased 37% to $316,000 from $499,000 a year ago and decreased 43% from the $550,000 experienced in the fourth quarter of 2005, attributable to a reduced amount of loans deemed uncollectible. The largest portion of first quarter 2006 net charge-offs related to commercial loans, while real estate loans comprised over half of the first quarter of 2005 net charge-offs. The allowance for loan losses was $14.7 million, or 242.7% of nonperforming loans, at March 31, 2006, compared to 225.2% at year-end and 208.1% at March 31, 2005. Non-interest income, excluding gains and losses on security and asset transactions, totaled $8,096,000 for first quarter of 2006, up 14% compared to a year ago due mostly to higher insurance revenues. In the first quarter of 2006, Peoples' insurance and investment commissions totaled $3,375,000 versus $2,654,000 a year ago, a 27% increase, with $556,000 of additional performance based commission income accounting for nearly all of this growth. Deposit account service charges remain a significant source of non-interest income, totaling $2,461,000 and $2,274,000 for the first quarters of 2006 and 2005, respectively. "For several quarters, we have worked to grow non-traditional revenues and reduce our reliance on margin-based revenue," stated Bradley. "Performance based commission income, which is typically earned in the first quarter of the year, accounted for much of the first quarter increase in non-interest income. We are very pleased with the increased insurance income, which was the result of good volume and loss performance at our insurance agency and other strategic actions." In the first quarter of 2006, total non-interest expense was up 3% to $13.1 million, compared to the first quarter of 2005. Salaries and benefits, Peoples' largest operating expense, were $6.9 million for the first quarter of 2006, up from $6.7 million a year ago, the result of annual salary adjustments and higher incentive costs based on Peoples' performance. Peoples also recorded stock option expense of $124,000 in the first quarter of 2006 under the new stock-based compensation accounting rules adopted on January 1, 2006. Approximately $97,000 of this expense was for options granted to certain employees in 2006 deemed vested for expense recognition due to the implicit service period under Peoples' stock option plans. Marketing expense was up 25% in the first quarter of 2006, largely attributable to costs associated with Peoples' deposit growth campaign implemented in late 2005. Compared to the fourth quarter of 2005, non-interest expense grew 4%, as the expected increase in salaries and benefits was offset by decreases in several major expense areas, including occupancy and equipment costs, state franchise taxes and intangible amortization expense. "We are comfortable with the increase in non-interest expense in the first quarter, as well as the improved efficiency ratio and better than expected financial results," stated Bradley. "We remain committed to controlling expenses to help mitigate the impact of interest rate pressures on our earnings." Peoples' effective tax rate was 28.4% for the first quarter of 2006 versus 26.6% a year ago. The increase in the effective rate was due to higher pre-tax income without a comparable increase in tax-exempt income and reflects management's current estimate of the approximate annual effective rate for 2006. At March 31, 2006, portfolio loans totaled $1.08 billion, up $7.2 million from the prior year-end balance. Much of this increase was the result of commercial loan originations, while consumer loan balances (primarily indirect loans), excluding overdrafts, grew $1.9 million, representing the fourth consecutive quarter of consumer loan growth. As part of its mortgage banking activities, Peoples was servicing $147.4 million of fixed-rate real estate loans at March 31, 2006, that were sold to the secondary market, compared to $144.3 million at December 31, 2005. "Continued demand for loans in key markets and lower than expected payoffs were key factors in loan growth during the quarter," commented Bradley. "Lending opportunities exist in our markets, and our lenders are focused on originating quality loans." Nonperforming loans were $6.0 million, or 0.56% of total loans, at March 31, 2006, down from $6.5 million, or 0.61%, at December 31, 2005. Total nonperforming assets declined $760,000 during the first quarter of 2006 to $6.1 million, or 0.33% of total assets, compared to $6.8 million, or 0.37% at the end of 2005. Due largely to the decline in nonperforming loans, the allowance for loan losses grew to 242.7% of nonperforming loans at quarter-end, compared to 225.2% at December 31, 2005. At March 31, 2006, total deposits were $1.14 billion, up $50.3 million from $1.09 billion at year-end 2005. Interest-bearing deposits grew $46.3 million to $972.8 million, due to higher certificates of deposit balances resulting from certain promotional offerings and an increase in brokered deposits. As a result of the deposit growth campaign initiated in late 2005, non-interest-bearing deposits grew $4.1 million in the first quarter of 2006, totaling $166.8 million at March 31, 2006. "Overall, our first quarter results provide the foundation for solid earnings momentum," summarized Bradley. "We continue to build on recent success to create long-term shareholder value, as we work through difficult operating conditions that include industry-wide interest rate pressures and intense competition for loans and deposits." Peoples Bancorp Inc., a diversified financial products and services company with $1.9 billion in assets, makes available a complete line of banking, investment, insurance, and trust solutions through 48 locations and 34 ATMs in Ohio, West Virginia and Kentucky. Peoples' financial service units include Peoples Bank, Peoples Financial Advisors (a division of Peoples Bank) and Peoples Insurance Agency, Inc. Peoples' common shares are traded on the NASDAQ National Market under the symbol "PEBO", and Peoples is a member of the Russell 3000 index of US publicly traded companies. Learn more about Peoples at www.peoplesbancorp.com. Conference Call to Discuss Earnings: - ----------------------------------- Peoples will conduct a facilitated conference call to discuss first quarter of 2006 results of operations today at 11:00 a.m. eastern daylight time, with members of Peoples' executive management participating. Analysts, media and individual investors are invited to participate in the conference call by calling (877) 407-8033. A simultaneous Webcast of the conference call audio will be available online via the Investor Relations section of Peoples' website, www.peoplesbancorp.com. Participants are encouraged to call or sign in at least 15 minutes prior to the scheduled conference call time to ensure participation or download and install the necessary software. A replay of the call will be available on Peoples' website in the "Investor Relations" section for one year. Safe Harbor Statement: - --------------------- This press release may contain certain forward-looking statements with respect to Peoples' financial condition, results of operations, plans, objectives, future performance and business. Except for the historical and present factual information contained in this press release, the matters discussed in this press release, and other statements identified by words such as "feel," "expect," "believe," "plan," "will," "would," "should," "could" and similar expressions are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Rule 175 promulgated thereunder, and Section 21E of the Securities Exchange Act of 1934, as amended, and Rule 3b-6 promulgated thereunder. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially. Factors that might cause such a difference include, but are not limited to: (1) competitive pressures among depository institutions which may increase significantly; (2) changes in the interest rate environment which may adversely impact interest margins; (3) prepayment speeds, loan originations and sale volumes, charge-offs and loan loss provisions may be less favorable than expected; (4) general economic conditions may be less favorable than expected; (5) political developments, wars or other hostilities may disrupt or increase volatility in securities markets or other economic conditions; (6) legislative or regulatory changes or actions may adversely affect Peoples' business; (7) changes and trends in the securities markets; (8) a delayed or incomplete resolution of regulatory issues that could arise; (9) the impact of reputational risk created by these developments on such matters as business generation and retention, funding and liquidity; (10) the costs and effects of regulatory and legal developments, including the outcome of regulatory or other governmental inquiries and legal proceedings and results of regulatory examinations; (11) the integration of acquired businesses may not be successful or the integration may take longer to accomplish than expected; (12) the expected synergies from acquisitions may make it difficult to maintain relationships with clients, associates and suppliers; and (13) other risk factors relating to the banking industry or Peoples as detailed from time to time in Peoples' reports filed with the Securities and Exchange Commission ("SEC"), including those risk factors included in the disclosure under the heading "ITEM 1A. RISK FACTORS" of Peoples' Annual Report on Form 10-K for the fiscal year ended December 31, 2005. Peoples does not commit to any obligation to release revisions to these forward-looking statements or reflect events or circumstances after the date of this release, except as required by applicable law. Copies of documents filed with the SEC are available free of charge at the SEC's website at http://www.sec.gov and/or from Peoples' website. PEOPLES BANCORP INC. (NASDAQ: PEBO) Financial Highlights (Unaudited)
------------------------------------------------------ Three Months Ended March 31, December 31, March 31, (in $000's, except per share data) 2006 2005 2005 ------------------------------------------------------ PER SHARE DATA Net income per share: Basic $ 0.56 $ 0.54 $ 0.45 Diluted $ 0.56 $ 0.53 $ 0.44 Cash dividends declared per share $ 0.20 $ 0.20 $ 0.19 Book value per share $ 17.51 $ 17.40 $ 16.61 Tangible book value per share (a) $ 11.00 $ 10.82 $ 9.84 Closing stock price at end of period $ 30.00 $ 28.53 $ 26.90 Dividend payout as a percentage of net income 35.74% 37.34% 42.39% Actual shares outstanding (net of treasury shares) 10,543,483 10,518,980 10,393,879 Weighted average shares outstanding: Basic 10,530,444 10,501,679 10,419,189 Diluted 10,655,233 10,631,310 10,558,003 PERFORMANCE RATIOS (b) Return on average equity 13.02% 12.50% 10.85% Return on average assets 1.30% 1.21% 1.05% Efficiency ratio (c) 56.67% 57.09% 59.60% Net interest margin (fully-tax equivalent) 3.40% 3.39% 3.27% Net loan charge-offs as a percentage of average loans 0.12% 0.20% 0.20% ----------------- ----------------- ---------------- (a) Excludes the balance sheet impact of intangible assets acquired through acquisitions. (b) Ratios are presented on an annualized basis. (c) Non-interest expense (less intangible amortization) as a percentage of fully tax-equivalent net interest income plus non-interest income (less securities and asset disposal gains/losses).
------------------------------------------------------ Three Months Ended March 31, December 31, March 31, (in $000's, except per share data) 2006 2005 2005 ------------------------------------------------------ PROVISION FOR LOAN LOSSES Provision for Overdraft Privilege losses $ 56 $ 212 $ 30 Provision for other loan losses $ 212 $ 350 $ 911 ----------------- ----------------- ---------------- Total provision for loan losses $ 268 $ 562 $ 941 NET CHARGE-OFFS Gross charge-offs $ 653 $ 1,103 $ 1,068 Recoveries 337 553 569 ----------------- ----------------- ---------------- Net charge-offs $ 316 $ 550 $ 499 Commercial $ 137 $ 143 $ 43 Overdrafts 104 199 88 Real estate 90 113 315 Consumer (13) 97 61 Credit card (2) (2) (8) ----------------- ----------------- ---------------- Total net charge-offs $ 316 $ 550 $ 499 ----------------- ----------------- ----------------
PEOPLES BANCORP INC. CONSOLIDATED AVERAGE BALANCE SHEET AND NET INTEREST INCOME ----------------------------------------------------------------------------------------------- Three Months Ended ----------------------------------------------------------------------------------------------- March 31, 2006 December 31, 2005 March 31, 2005 ------------------------------- ------------------------------- ----------------------------- (in $000's) Balance Income/ExpeYield/ Balance Income/ExpYield/ Balance Income/ExpeYield/ Cost Cost Cost ----------------------------------------------------------------------------------------------- Short-term investments $ 3,972 $ 40 4.05% $ 2,612 $ 23 3.51% $ 2,567 $ 12 1.80% Investment securities (a) 587,564 7,141 4.86 599,373 7,149 4.77 599,467 6,698 4.47 Gross loans (a) 1,072,563 18,997 7.09 1,066,308 18,639 6.96 1,023,825 16,327 6.47 Allowance for loan losses (14,834) (14,707) (14,850) ------------------------------- ------------------------------- ----------------------------- Total earning assets 1,649,265 26,178 6.40% 1,653,586 25,811 6.22% 1,611,009 23,037 5.76% Intangible assets 68,980 69,594 70,614 Other assets 129,345 130,215 127,746 ------------ ------------ ------------ Total assets 1,847,590 1,853,395 1,809,369 Interest-bearing deposits: Savings 127,596 198 0.63% 136,287 249 0.72% 154,344 290 0.76% Interest-bearing demand deposits 289,206 1,596 2.24 299,761 1,582 2.09 279,319 1,007 1.46 Time deposits 538,934 4,848 3.65 496,316 4,255 3.40 495,992 3,808 3.11 ------------------------------- ------------------------------- ----------------------------- Total interest-bearing deposits 955,736 6,642 2.82 932,364 6,086 2.59 929,655 5,105 2.23 Short-term borrowings 165,332 1,767 4.33 170,696 1,652 3.84 91,945 546 2.41 Long-term borrowings 361,385 3,836 4.25 393,116 4,114 4.19 439,523 4,280 3.90 ------------------------------- ------------------------------- ----------------------------- Total borrowed funds 526,717 5,603 4.28 563,812 5,766 4.02 531,468 4,826 3.66 ------------------------------- ------------------------------- ----------------------------- Total interest-bearing 1,482,453 12,245 3.34% 1,496,176 11,852 3.13% 1,461,123 9,931 2.75% liabilities Non-interest-bearing deposits 164,722 162,312 155,607 Other liabilities 15,715 15,166 17,235 ------------ ------------ ------------ Total liabilities 1,662,890 1,673,654 1,633,965 Stockholders' equity 184,700 179,741 175,404 ------------ ------------ ------------ Total liabilities and equity $ 1,847,590 $ 1,853,395 $ 1,809,369 Net interest income/spread (a) $ 13,933 3.06% $ 13,959 3.09% $ 13,106 3.01% Net interest margin (a) 3.40% 3.39% 3.27% ----------------------------------------------------------------------------------------------- (a) Information presented on a fully tax-equivalent basis.
PEOPLES BANCORP INC. CONSOLIDATED STATEMENTS OF INCOME ---------------------------------- Three Months Ended March 31, (in $000's) 2006 2005 ------------------------------- Interest income $ 25,748 $ 22,643 Interest expense 12,245 9,931 ---------------- ---------------- Net interest income 13,503 12,712 Provision for loan losses 268 941 ---------------- ---------------- Net interest income after provision for loan losses 13,235 11,771 Net gain on securities transactions - 233 Net gain on asset disposals 18 8 Non-interest income: Insurance and investment commissions 3,375 2,654 Service charges on deposits 2,461 2,274 Fiduciary revenues 777 757 Electronic banking revenues 697 647 Business owned life insurance 406 454 Mortgage banking income 170 117 Other non-interest income 210 224 ---------------- ---------------- Total non-interest income 8,096 7,127 Non-interest expense: Salaries and benefits 6,912 6,686 Net occupancy and equipment 1,242 1,289 Professional fees 612 665 Amortization of intangible assets 582 688 Marketing 475 381 Data processing and software 468 461 Franchise taxes 445 411 Bankcard costs 289 282 Other non-interest expense 2,041 1,884 ---------------- ---------------- Total non-interest expense 13,066 12,747 ---------------- ---------------- Income before income taxes 8,283 6,392 Income tax expense 2,352 1,700 ---------------- ---------------- Net income $ 5,931 $ 4,692 ---------------- ----------------
PEOPLES BANCORP INC. SELECTED FINANCIAL INFORMATION ---------------- ---------------- ---------------- (in $000's, end of period) March 31, December 31, March 31, 2006 2005 2005 ---------------- ---------------- ---------------- LOAN PORTFOLIO Commercial, mortgage $ 466,707 $ 504,923 $ 457,667 Commercial, other 182,801 136,331 128,898 Real estate, construction 52,698 50,745 32,120 Real estate, mortgage 310,048 316,081 334,681 Consumer 66,773 63,796 59,634 ---------------- ---------------- ---------------- Total loans $ 1,079,027 $ 1,071,876 $ 1,013,000 DEPOSIT BALANCES Interest-bearing deposits: Retail certificates of deposit $ 493,235 $ 465,148 $ 451,359 Interest-bearing transaction accounts 183,411 178,030 187,034 Savings accounts 129,556 131,221 151,592 Money market deposit accounts 106,367 110,372 111,224 Brokered certificates of deposits 60,255 41,786 44,837 ---------------- ---------------- ---------------- Total interest-bearing deposits 972,824 926,557 946,046 Non-interest-bearing deposits 166,782 162,729 157,087 ---------------- ---------------- ---------------- Total deposits $ 1,139,606 $ 1,089,286 $ 1,103,133 ---------------- ---------------- ---------------- ASSET QUALITY Nonperforming assets (in $000's, end of period): Loans 90 days or more past due $ - $ 251 $ 84 Renegotiated loans - - 1,116 Nonaccrual loans 6,045 6,284 6,105 Other real estate owned 38 308 873 ---------------- ---------------- ---------------- Total nonperforming assets $ 6,083 $ 6,843 $ 8,178 Allowance for loan losses as a percent of nonperforming loans (a) 242.7% 225.2% 208.1% Nonperforming loans as a percent of total loans (a) 0.56% 0.61% 0.72% Nonperforming assets as a percent of total assets 0.33% 0.37% 0.46% Nonperforming assets as a percent of total loans and other real estate owned 0.56% 0.64% 0.81% Allowance for loan losses as a percent of total loans 1.36% 1.37% 1.50% REGULATORY CAPITAL (b) Tier 1 risk-based capital 11.97% 11.60% 11.16% Total risk-based capital ratio (Tier 1 and Tier 2) 13.26% 12.91% 12.52% Leverage ratio 8.40% 8.10% 7.60% Tier 1 capital $ 150,032 $ 144,994 $ 131,546 Total capital (Tier 1 and Tier 2) $ 166,215 $ 161,356 $ 147,516 Total risk-weighted assets $ 1,253,343 $ 1,250,105 $ 1,178,647 SUPPLEMENTAL DATA Trust assets under management $ 684,659 $ 658,708 $ 626,829 Mortgage loans serviced for others 147,389 144,339 124,078 Employees (full-time equivalent) 525 531 530 Announced treasury share plans: (c) Total shares authorized for plan 400,000 525,000 525,000 Shares purchased - - 59,700 Average price $ - $ - $ 26.78 ---------------- ---------------- ---------------- (a) Nonperforming loans include loans 90 days past due and accruing, renegotiated loans and nonaccrual loans. (b) March 31, 2006, data based on preliminary analysis and is subject to revision. (c) 2006 data reflects 2006 Stock Repurchase Program of 400,000 shares. 2005 data reflects 2005 Stock Repurchase Program of 525,000 shares. The amount of shares purchased for treasury and average price paid are presented for the three-month period ended on the date indicated.
PEOPLES BANCORP INC. CONSOLIDATED BALANCE SHEETS ------------------ ------------------ (in $000's) March 31, December 31, 2006 2005 ------------------ ------------------ ASSETS Cash and cash equivalents: Cash and due from banks $ 32,779 $ 35,564 Interest-bearing deposits in other banks 904 1,084 Federal funds sold 2,000 3,000 ------------------ ------------------ Total cash and cash equivalents 35,683 39,648 Available-for-sale investment securities, at estimated fair value (amortized cost of $594,876 at March 31, 2006 and $591,022 at December 31, 2005) 588,787 589,313 Loans, net of unearned interest 1,079,027 1,071,876 Allowance for loan losses (14,672) (14,720) ------------------ ------------------ Net loans 1,064,355 1,057,156 Loans held for sale 1,910 1,103 Bank premises and equipment, net of accumulated depreciation 23,163 23,486 Business owned life insurance 47,399 46,993 Goodwill 59,773 59,767 Other intangible assets 8,917 9,513 Other assets 30,539 28,298 ------------------ ------------------ TOTAL ASSETS $ 1,860,526 $ 1,855,277 ------------------ ------------------ LIABILITIES Non-interest-bearing deposits $ 166,782 $ 162,729 Interest-bearing deposits 972,824 926,557 ------------------ ------------------ Total deposits 1,139,606 1,089,286 Federal funds purchased, securities sold under repurchase agreements, and other short-term borrowings 194,038 173,696 Long-term borrowings 294,660 362,466 Junior subordinated notes held by subsidiary trusts 29,372 29,350 Accrued expenses and other liabilities 18,181 17,402 ------------------ ------------------ TOTAL LIABILITIES 1,675,857 1,672,200 STOCKHOLDERS' EQUITY Common stock, no par value (24,000,000 shares authorized, 10,874,222 shares issued at March 31, 2006, and 10,869,655 shares issued at December 31, 2005) 162,345 162,231 Retained earnings 34,551 30,740 Accumulated comprehensive (loss) income, net of deferred income taxes (3,962) (1,116) Treasury stock, at cost (330,739 shares at March 31, 2006, and 350,675 shares at December 31, 2005) (8,265) (8,778) ------------------ ------------------ TOTAL STOCKHOLDERS' EQUITY 184,669 183,077 ------------------ ------------------ TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 1,860,526 $ 1,855,277 ------------------ ------------------
END OF RELEASE -----END PRIVACY-ENHANCED MESSAGE-----